Is College Worth It?

We love good experiences. Experiences help us to grow as a person, to give us perspective on the world and to better understand people and relationships. We are constantly making decisions that balance the cost to value ratio of experiences. Would my family have a good time going to Disneyland this winter? I’m sure they would. But is the experience worth the $5,000 that we would spend to get there? There is a cool coffee shop around the corner that has a great atmosphere. The coffee is $5 a cup. Do I go there or make my own cup at home for $0.40? 

College is a great experience for a lot of people. It has become a right of passage into adulthood for our culture. But is it really worth it? Let’s take a look at this question objectively.

One year of college can range from about $20,000-50,000. Multiply that by 4 years and the college experience costs $80,000-200,000! After paying back the student loans with interest of 5.8%, the actual cost for college is $115,000-235,000. The time it takes to pay back this debt could be 8-30 years! To justify this huge expense we need to determine if the payout after the diploma is worth the expense of the diploma. Is college worth it? 

Average annual salaries:
Nurses: $73,000
Public school teacher: $63,000
IT Tech: $74,000
Pharmacist: $126,000
Painter: $50,000
General Contractor: $72,000
Doctor: $230,000
Business Owner: $73,000

Some of these professions require higher education and others do not. It is true that generally, college grads make more money than those without a degree. College graduates on average make $32,000 more a year than those with a high school diploma. Those with a high school diploma make, on average, $25,000 per year. 

Here are some important questions that you should ask when deciding about a career and college: 

1. What career do you want to pursue? Why?
2. Have you shadowed professionals in the career you’d like to pursue?
3. Can your planned career provide enough financially?
4. Does your career goal require a 4-year degree, 2-year degree, trade school? 
5. What is your motivation; do you want to go to college for the experience or the education?
6. Are your choices about college yours, the desires of others or just expected of you?
7. Are you able to attend college debt-free, through scholarships, grants, gifts, savings or work? Are there ways to make your degree more affordable?
8. Are you a good student? Do you enjoy learning? 

For those who decide not to go to college, there are professions that can receive free training and job placement. Check with your local chamber of commerce to see if there is job training or a resource center in your area. Also, check out trade schools. 

So, is college worth it? That depends on you. It depends on your career goals, on what school you attend and it depends on if you can receive grants and scholarships to reduce or eliminate the cost so that you can graduate debt-free. 

Yes, college is a great experience for many. But is it a good investment? That depends on you.

Click here for information on how to graduate from college the day after high school with a 4.0 GPA for under $5,000.